A major reworking of Morden could include a complete revamp of the area surrounding the underground station, including Sainsbury's, the bus interchange and London Road shopping.
A draft planning document encompassing the entire town centre was published on Monday.
Merton Council first began consulting on the project in 2008.
Buildings highlighted as ripe for development include those closest to the underground station, including a number of town centre car parks and the offices above the 1920s station.
The council is consulting to help form a more detailed masterplan which will be created with the input of any interested developers.
It is hoped Morden underground station will kick-start the regeneration of the area, with 20,000 commuters using the bus stops and station a day.
Detailed plans for the station are yet to be published, but decking, new entrances and car park spaces for staff could all be created.
A new shopping hub will be created in the area, as well as apartments, hotels, community facilities and improvements to public spaces.
The document suggests creating a new street through the site to join London Road allowing better access between the housing and retail areas.
The draft said: "It is important to enhance Merton’s suburban character whilst also encouraging development and regeneration in appropriate and highly assessable locations in the borough.
"The development of the site is critical to regenerating Morden town centre whilst acting as a catalyst for other development."
Councillor John Sargeant, ward councillor for Merton Park which covers Morden town centre, said: "Finally we have got some plans in front of us which have been quite well thought out.
"There must be ways of increasing the benefits for all those people moving through Morden town centre.
"I have a dream that it could be a really fun place to be in Morden on a weekday evening, there should be all sorts of things going on there."
The consultation is running until November 11.
After the consultation the council will amend the plan, with a final decision being made in 2014.
To take part email ldf@merton.gov.uk, call 020 8545 3837 or write to Future London Borough of Merton, Civic Centre, Morden SM4 5DX.
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